Investors put more money into shares than bonds last month, knocking fixed-interest investments from the top spot for the first time in a year.

Equities were the bestselling asset class among private investors in September 2012, with net sales of £541m, compared with £320m for bonds, according to the Investment Management Association (IMA), which represents unit trust providers.

This was the first time in a year that any asset class had surpassed fixed income.

The figures show a change in sentiment among investors, who had previously preferred the perceived safety of bonds as the eurozone crisis spread fears of economic meltdown. Better sales of equity funds imply that investors are recovering their appetite for risk.

Sales of equity-based funds in September were well above their average of the past 12 months, which was an outflow of £65m an month. The last time equities were the bestselling asset class was in August 2011, when net retail sales were £552m.

In total, net investments were £1.1bn in September, compared with £671m in the same month last year. Funds under management reached £629bn, compared with £550bn in September 2011.

Jane Lowe, the IMA's director of markets, said: "Net retail sales were again above £1bn in September, reversing the unexpected outflows seen in August. Overall net retail sales of equity funds outstripped fixed income for the first time in a year.

"Global funds took the lion's share of these net sales, against a notable outflow from UK equity growth funds. However, substantial inflows were seen in both UK and Global equity income funds, and a focus on income was apparent in three out of the top five selling sectors.